Fuel rates at record high: Dharmendra Pradhan likely to meet Oil companies, say media reports

As the petrol and diesel prices have touched a record high of ₹76.87 per litre, the government seems to have swung into action to protect the consumers from the rising fuel bills.

Petroleum Minister Dharmendra Pradhan is likely to meet representatives of the oil companies this evening after which prices may be reduced, NDTV reported quoting sources.

Meanwhile, the oil companies have said that its difficult to bring down the prices. "Fuel prices are directly linked to crude oil. OPEC countries have reduced supplies. We don't have any say to bring down price., We can only reduce VAT of state taxes & central taxes, that is only way to reduce the price," said Ajay Bansal, President, Petrol Pump Dealers' Association.

Petroleum Minister Dharmendra Pradhan on Sunday said that 'various alternatives are being looked at' by the government to mitigate the pain of price rise.

Petrol price on Tuesday touched a record high of ₹76.87 per litre, while that of diesel stood at ₹68.08 in the national capital as oil firms raised prices for the ninth day in a row.

The price of petrol went up by 30 paise a litre and diesel by 26 paise in Delhi, according to a notification issued by state-owned oil firm Indian Oil Corporation.

Prices in Delhi are the cheapest among all metros and most State capitals. Petrol stood at ₹79.53 a litre in Kolkata, ₹84.70 in Mumbai and ₹79.79 in Chennai. Diesel prices were ₹70.63 in Kolkata, ₹72.48 in Mumbai and ₹71.87 in Chennai.